Oil prices fell in Thursday's trading despite OPEC cut production
By 0720 GMT, the benchmark Brent crude for April delivery fell 0.6% to $ 62.32 a barrel.
US Nymex crude futures for March delivery fell 0.6 percent to $ 53.70 a barrel.
The US Energy Information Administration announced yesterday that oil inventories rose by 1.3 million barrels to reach 447.2 million barrels during the week ending February 1.
US production continues to stabilize at the highest level in its history over the same period, recording 11.900 million barrels per day.
At the same time, the reduction of production by OPEC managed to bring the balance to the market; as the Organization of the Organization cut from last month production by 1.2 million barrels per day.